Uber Gets One More Month To Abide By RBI’s e-commerce Payment Rules

The Reserve Bank of India (RBI) has given Uber, which is growing rapidly in India, one more month to comply with its e-commerce payment rules. The central bank has fixed November 30 as the new deadline for the San Francisco-based cab operator.

"Since Uber has initiated steps to comply with our regulation, we have given them one more month," an RBI spokesperson said. The RBI had earlier asked banks and operators to ensure that payments are made in Indian currency when a credit card is not presented physically.

"Uber is working closely with the RBI to address payment process requirements, while remaining firmly committed to providing riders with a safe, reliable and affordable transportation option. The RBI has generously granted us an extension until November 30, 2014, to give us sufficient time to migrate to a new payment mechanism, and ensure that consumers enjoy uninterrupted usage of our technology platform," the company said.